Dhaka, May 20 (IANS): The Bangladesh government Saturday approved 550 billion taka ($7 billion) for undertaking developmental projects during the fiscal year 2012-13.

The decision was taken at a meeting of the National Economic Council, the country's highest economic policy-making body, chaired by Prime Minister Sheikh Hasina in Dhaka.

Bhuiyan Shafiqul Islam, secretary of the planning ministry, said of the total amount 314.50 billion taka will come from the government and the rest from external sources.

Power and communications sectors are the biggest beneficiaries. Nearly 80 billion taka allocated for the power sector and about 77 billion taka for the communications sector.

The 2012-13 fiscal year will begin in July, Xinhua reported.

The government has also approved $3 billion for the construction of a bridge over Padma river, one of the country's three major rivers. It will be 10 km-long.

Islam said about 1,030 projects will be covered under the developmental plan.